Ministry of Electronics & IT
IIT Bombay Partners with HSBC to Support Innovation-Led Green Hydrogen Initiatives
: Mumbai, August 25, 2023
IIT Bombay has partnered with HSBC to pursue technological advancements towards making green hydrogen production more efficient, cost-effective, and scalable. The focus will be on innovative projects that will help position green hydrogen as a strategic alternate fuel; help in building a robust, green hydrogen economy and achieve the government’s vision of an energy-independent nation. This partnership will help boost the government’s National Green Hydrogen Mission focused on providing policy support towards achieving global leadership in green hydrogen transition.
The National Hydrogen Energy Mission, announced during the Union Budget of India, 2021-22, is a significant step that will provide a roadmap for leveraging alternate sources of energy in India towards enabling a greener future. This partnership was unveiled by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman at Delhi on August 24, 2023, in attendance of the leadership teams from IIT Bombay and HSBC including Dean , IIT Bombay, Prof. Ravindra D. Gudi; Group Chairman, HSBC, Mr. Mark Tucker; CEO, HSBC India, Mr. Hitendra Dave; and Global Head of Philanthropy & Head of Sustainability, HSBC India, Ms. Aloka Majumdar.
Speaking about this collaboration, Prof. Subhasis Chaudhuri, Director, IIT Bombay said, “Moving towards sustainable and clean sources of energy is a crucial step in the global fight against climate change. Green Hydrogen – with its applications across industries including transportation – will occupy a vital space in global energy. I am confident that this partnership between IIT Bombay, HSBC and the Shakti Sustainable Energy Foundation will accelerate research in this space and facilitate India’s transition towards wide-scale adoption of Green Hydrogen”. Commenting on the initiative, Mr. Hitendra Dave, CEO, HSBC India said, “Sustainability is a key element of our business, operations and community investments. We are delighted to work with IIT Bombay to foster innovation to make green hydrogen production more scalable and commercially feasible. We believe we have a crucial role in accelerating the development and deployment of green hydrogen technologies and driving the transition to a sustainable and low-carbon energy system”.
About the Innovation in Green Hydrogen programme:
The partnership between IIT Bombay and HSBC will encourage researchers, scientists, and students across IITs to develop breakthrough technologies and solutions that address key challenges in green hydrogen production, storage, transportation, and utilisation. As part of this programme, IIT Bombay will invite project proposals, which will be evaluated by a steering committee comprising representatives from HSBC India, professors, and faculty members from multidisciplinary areas. The committee will select the top three submissions; depending on the committee’s assessment, the project’s viability, and its commercial readiness, the shortlisted submissions could possibly be incubated at IIT Bombay. According to the National Green Hydrogen Mission, by 2030, India hopes to develop green hydrogen production capacity of at least 5 MMT  per annum. This will lead to an addition of renewable energy capacity of about 125 GW in the country and help India reduce carbon dioxide emissions to achieve its net zero vision.